• 90% of UK adults have experienced ANXIETY due to money worries, with nearly two-thirds (63%) worrying about their finances every month
• more than 1 in 10 (13%) feel anxious about their finances every day
• 31% of those who have experienced anxiety have suffered mental health problems as a result of financial stress; 76% have felt depressed and 37% have experienced panic attacks
• 3.1 million people in the uk have taken a day off work due to financial anxiety
• Fewer than 1 in 5 people (19%) have sought help and advice to relieve their money worries

The UK is living in a perpetual state of anxiety, with financial worries plaguing nine in 10 people, according to new research by online saving and investment service Moola, part of JLT Employee Benefits. Nearly two thirds (63%) of people in the UK worry about their finances on a monthly basis, while more than 1 in 10 (13%) worry about money every single day.

Financial stresses and strains are causing both mental and physical health problems. Moola found that nearly a third (31%) of people attributed their mental health problems to financial anxiety, while 32% of people experienced physical symptoms of stress, including migraines, palpitations and insomnia, as a result of money worries.

Three quarters (76%) of those suffering from mental health problems as a result of financial stress have felt depressed, while 37% have experienced panic attacks. More than one third (34%) said they have felt angry about their financial situation and nearly two thirds (61%) felt helpless.

As the burden of rising living costs hits UK households, mortgages, rent payments, energy bills and other household costs are the biggest source of stress for more than a third (39%) of those that took part in the survey. Credit card bills and other debts are the major source of stress for a fifth (21%) of people aged 25-34, while those over 45 are most worried by their prospective or current retirement income.

The research suggests that 3.1 million people in the UK have taken a day off work due to financial stresses and strains, providing some indication of the impact of financial anxiety on UK productivity. Despite the high levels of anxiety reported across age groups and genders, Moola found that just 19% have sought advice about their finances; 61% of those seeking support turned to a money advice charity, 26% sought help from their partner, while 22% relied on their parents for guidance.

Commenting on the findings, Gemma Godfrey, Founder and CEO of Moola, said:

“With current levels of financial stress and anxiety at fever pitch across the UK, it’s more important than ever that we tackle the ultimate taboo – talking about our money. The good news is that with the rise of the internet and smartphones, we now have better access than ever to tips and tools to be savvier with our finances.

“Support from family or friends can make a massive difference for those struggling every month, but financial education can be the key to offering hope for the future.

“Employers also have a crucial role to play, however. Financial wellbeing is critical to people’s overall health and motivation. Therefore, UK employers have an opportunity to better support their staff. A less anxious workforce is, after all, a more productive one, so everybody stands to gain from improving financial wellbeing.”